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Tax flash: The UAE joins the BEPS Inclusive Framework

Tax flash: The UAE joins the BEPS Inclusive Framework

On 16 May 2018, the Organization for Economic Co-operation and Development (OECD) announced that the United Arab Emirates (UAE) has joined the Base Erosion Profit Shifting (BEPS) Inclusive Framework (IF). This brings the number of BEPS participants up to 116.

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By joining the BEPS IF, the UAE has committed to implementing the minimum standards (Action 5, 6, 13 and 14) of the BEPS package and has become a BEPS associate. Being part of the IF will facilitate the implementation of agreed minimum standards, as well as the peer review processes, and will provide the UAE with further support.

The timing of the legislative amendments and associated guidance would be subject to a number of factors which include but are not limited to: commitments to the OECD; domestic tax law; and evaluation of legislative changes required. Consideration may also be given to prioritizing certain minimum standards over others; however, we expect these to be subject to discussion with the OECD.

Following valued-added tax (VAT) and excise tax, the implementation of the IF may be the next game changer as UAE multinationals and businesses could be subject to additional compliance and reporting obligations. Businesses may now need to re-visit their operating structures.

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